March 2026
mevBTC Transparency Report
By Delta Y
Highlights
mevBTC is a BTC-denominated Liquid Yield Token tracking a multi-chain bitcoin yield strategy through diversified DeFi positions across multiple protocols, managed by MEV Capital. The vault was deployed on July 7, 2025, with regular price updates beginning on July 7, 2025, and data on protocols' allocations available since September 6, 2025.
During March 2026, mevBTC's AUM increased from $1.38M to $1.63M. The inception-to-date return (net of fees) now amounts to -0.66% annualized.
Other relevant indicators can be seen in Table 1 below:
Feb 2026 | Mar 2026 (Δ) | |
|---|---|---|
Avg. NAV | $1.55M | $1.62M (4.24%) |
Avg. Leverage | 1.05x | 1.05x (-0.58%) |
Net Deposits | -$9.08K | -$1.87K (79.41%) |
Performance
mevBTC reached a price of $0.9954 in its latest oracle update, reflecting a 0.00% return for the month of March.
Portfolio Allocation
The vault's main strategies during this period - ranked from highest to lowest by average NAV - were Others ($1.44M or 88.87%), Lending ($77.49K or 4.78%) and Borrowing ($69.25K or 4.27%).
As of the reporting date, the vault's capital is deployed across 8 blockchains and 7 protocols.
More notably, mevBTC's capital allocation across the top 5 most common protocols is detailed in Figure 1:
Figure 1: Average NAV allocated by mevBTC to the top 5 protocols over the last 2 months.
The vault's largest asset holdings for the month were tBTC ($1.43M or 84.43%), LBTC ($146.51K or 8.63%) and EURCV ($77.68K or 4.58%), which have, on average, collectively represented 97.63%of the vault's total assets. On the liabilities side, the vault's main exposure was to EURCV ($77.22K or 100.00%), together representing approximately 100.00%of the vault's liabilities.
At the end of the period, the vault's leverage was 1.05x, which represents a decrease of -0.88% from the start of the month.
Other relevant indicators can be seen in Table 2 below:
28th Feb 2026 | 31st Mar 2026 | |
|---|---|---|
Assets | ||
tBTC | $1.23M 84.41% | $1.38M 81.08% |
LBTC | $141.28K 9.68% | $143.89K 8.42% |
EURCV | $79.22K 5.43% | $77.87K 4.56% |
vbWBTC | $0.00 0.00% | $4.78K 0.28% |
WBTC | $4.89K 0.33% | $3.23K 0.19% |
Unclassified | $0.00 0.00% | $91.33K 5.35% |
Others | $1.32K 0.09% | $2.12K 0.12% |
Total Assets | $1.46M 100.00% | $1.71M 100.00% |
Liabilities & Vault's NAV | ||
EURCV | $78.75K 5.40% | $77.43K 4.53% |
Total Liabilities | $78.75K 5.40% | $77.43K 4.53% |
Vault's NAV | $1.38M 94.60% | $1.63M 95.47% |
Total Liabilities & Vault's NAV | $1.46M 100.00% | $1.71M 100.00% |
Activity
During March 2026, the vault processed $0.00 in deposits and $1.87K in withdrawals, resulting in -$1.87K of net deposits over a total of 31 transactions.
As of period end, the mevBTC vault had 30 holder addresses, representing a decrease of 3.23% from the start of the month.
Other relevant indicators can be seen in Table 3 below:
Feb 2026 | Mar 2026 (Δ) | |
|---|---|---|
Deposits | $262.35 | $0.00 (N/A) |
Withdrawals | $9.34K | $1.87K (-79.99%) |
Net Deposits | -$9.08K | -$1.87K (79.41%) |
Avg. Holders NAV | $47.95K | $49.41K (3.05%) |
Median Holders NAV | $74.56 | $64.77 (-13.13%) |
Disclosures
Security: Midas smart contracts have been audited by Sherlock and Côme du Crest. Onchain transactions are secured via multi-sig / MPC wallets (e.g., Fordefi, Fireblocks).
Fees: Midas vaults may be subject to management and performance fees, which are automatically deducted and reflected in net returns.
Accounting: mevBTC's price is updated periodically onchain. Price increases stepwise rather than reflecting real-time mark-to-market.
Risks: Smart contract risk (potential total loss), market risk (depegs, rate volatility), and counterparty risk (centralized components in some protocols).
Data Sources: Unless otherwise stated, all data presented in the report is obtained from on-chain sources. Any supplementary sources are explicitly noted where applicable.
Disclaimer
This report is for informational purposes only and does not constitute financial, investment, legal, or tax advice. The information contained herein is not an offer to sell or a solicitation of an offer to buy any security, nor shall any securities be offered or sold to any person in any jurisdiction in which such offer, solicitation, purchase, or sale would be unlawful.
Investing in decentralized finance (DeFi) products, including mevBTC, involves significant risks, including but not limited to smart contract vulnerabilities, market volatility, and regulatory uncertainty. Past performance is not indicative of future results, and investors may lose some or all of their principal.
The data and analyses presented in this report are based on information believed to be reliable, but their accuracy, completeness, and timeliness are not guaranteed. The strategies and allocations described are subject to change without notice. All investment decisions should be made with the help of a qualified professional and based on your own research and risk tolerance.